Ted Rossman
speaker
196 appearances
4 recordings
1 series
first heard Dec 2018
last heard Apr 2020
Ted Rossman’s voice in public audio — every appearance, attributed to the second.
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Appearances
They're either ashamed of the way they spend their money or they think you're going to react in a negative way.
Or they're ashamed of some debt they've incurred in the past or a blemish on their credit score, some skeleton in their financial closet.
I think sometimes people find it easier to hide it than to be upfront about it.
And that's a bad idea because...
If your secret does get out, it really undermines trust.
You know, you think about if you're married to somebody for years and all of a sudden you learn about some financial account that you didn't know was there, that's going to undermine trust in a far greater way.
The other person is going to start to think, well, what else don't I know?
I thought I knew this person.
And what other secrets does he or she have?
And that's really not a path you want to go down.
We find that the government shutdown, I think, is a good example of this, where people miss one or two paychecks and it's a catastrophe.
And the Fed has numbers that 40 percent of Americans could not afford a $400 emergency expense.
It's not even that big of an emergency.
You could easily have a home or car repair or medical bill that's way more than that.
So with that many people close to the edge, I think it underscores the importance of being upfront about your accounts.
I mean, it's obvious how impactful a secret debt would be.
Credit card rates are at their highest point ever, 17.5%.
But secret savings is no picnic either.
Sometimes people say to me that, I'd love it if my spouse had an extra $5,000 lying around.
I'd be careful what you wish for there because there's the trust factor, but there's also the opportunity cost of that money probably could have been put to much better use if you work together on it.
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